How did mortgage rates start the week?
The national average rate for a 30-year fixed mortgage actually opened lower than it ended last week, but ended the day up slightly at 6.33%. Initially, positive news out of China on COVID restrictions were cited as the reason for initial downward pressure, but inflation concerns took over once new jobs data was released. Next week’s CPI and Fed meeting will likely continue to weight on the market, and prevent any significant moves.
Mortgage Monitor report released
Mortgage data and analytics firm, Black Knight, released its Mortgage Monitor report on Monday. As always, it offers valuable data and insights into current market conditions. One of the more interesting aspects of the report was the Home Price Index. Data from Black Knight’s HPI indicated that home price declines have begun to slow. According to the report, October 2022 was the best month for the HPI since prices began declining in July 2022.
Which real estate markets are leading the US in price reductions?
Have you heard of the old adage, ‘What goes up must come down’? That’s true in real estate as the hottest markets during the pandemic are currently leading the US price reductions. States in the northwest and southwest are seeing the most dramatic price reductions, while Sun Belt states aren’t far behind.
Markets like Boise, ID, Austin, TX, Phoenix, AZ, and Ogden, UT have seen the greatest changes. According to senior economist and manager of economic research for Realtor.com, George Raitu, “the unifying thread among these states is that they have seen a significant influx of buyers for the last 2.5 years. These new buyers drove up local market prices. In some cases, even beyond local residents’ ability to compete.”
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